After finding out Issue 2 failed by about 1,400 votes Aug. 2, District Treasurer/CFO Catherine Bulgrin said she was "disheartened" by the results, but the district plans to seek a levy in November.
School employees, both union and non-union, took concessions in recent contracts as well, which is expected to save the district millions. A contract with the classified union was recently rejected by the Stow-Munroe Falls School Board.
"This does not solve our financial situation," said Jones.
If the levy had passed, it would have cost the owner of a $100,000 home $202.21 annually. The 6.57-mill, 10 year levy would have generated $6.5 million annually.
"According to the May forecast, we're just squeaking by in 2013 with a $25,000 projected balance without passage [of this levy]," said Bulgrin.
Bulgrin added that the board will consider taking the first of two steps toward placing the same levy on the November ballot during a special board meeting Thursday. The board will need to meet Aug. 8 to approve moving forward with the levy, she said.
"We have maintained, from the beginning, a positive approach to this and made reductions necessary along the way," said Jones. "Now we'll take the necessary steps to keep the district solvent and so it remains 'Excellent.'"
Board Vice President Karen Powers said despite the outcome of the levy, "We will continue to provide best education possible for every single student who walks through our doors with the resources that are available."
Bulgrin, Jones and Powers thanked the community and Levy Steering Committee leader Steve Fry, for the support received from 40 percent of the voters.
"I am disheartened that the voters did not support the very fabric of our community," Bulgrin said.